Goldman Sachs Group Inc. plans to double its staff in China to 600 over the next five years, Bloomberg News reported, citing a source familiar with the matter.

The U.S. bank is also planning to expand its investment banking, markets, private wealth and merchant banking operations in mainland China after the country recently relaxed rules on foreign ownership.

Goldman Sachs is also looking to raise its stake in an onshore investment bank joint venture to 51% from 33%, and will apply for full control by 2020-end, the report added.